Crypto

South Africa’s Sygnia Announces Plans To Launch Crypto Exchange

South Africa’s leading investment company Sygnia Asset Management has announced plans to launch a cyptocurrency at some point in the course of this year. According to local media reports, the company currently has an asset portfolio amounting to $14.5 billion under its management. The firm has indicated that its crypto exchange will be called SygniaCoin.

Entering a highly evolving market

Magda Wierzycka, the CEO of Sygnia said that the digital currency market in Africa and around the world has been growing and evolving at a high rate. She added that the company will be making entry into the industry in the third quarter of 2018.

Wierzycka noted that the company has had its footprints in the fintech industry for a long time. It is therefore in a better position to debut the cryptocurrency industry in the country. She added that they will be working to offer investors with secure investment and trading platform that has the backing of international infrastructure as well as well-designed custody.

Emulating New York state regulators

In designing and running its exchange, Sygnia says it will emulate the principles and structure of the New York’s legislative apparatus that govern virtual currencies. According to the CEO, the moved will be aimed at guarantying the highest level of security and integrity to the clients.

Mrs. Wierzycka was quick to acknowledge that the recent move by the South African Revenue Service to impose tax on trades and investments made in digital currency is a signal that the sector should expect more regulations.

A crack down on Ponzi scheme

The assertion by Mrs. Wierzycka concerning future regulation carries a lot of weight considering that it is not long since the government launched a probe in what it alleged to be a cryptocurrency Ponzi scheme. A total of $80 million is said to have been siphoned from investors in the dubious scheme.

In the scheme, BTC Global lured investor with an offer of 2%, 14% and 50% on daily, weekly and monthly basis respectively on their investments.

Apart from the SygniaCoin, the company has also announced that it will be launching Sygnia Cryptocurrency Fund which targets institutional investors.